Thursday, March 12, 2009

Madoff Pleads Guilty to $50 Billion Ponzi Scheme

“I am deeply sorry for the scam.”

He is protecting his wife

Bernard Madoff has pled guilty to all 11 charges surrounding a $50 billion ponzi scheme, BBC News reports. The charges include four counts of fraud, three counts of money laundering, making false statements, perjury, making a false filing to the US financial watchdog, and theft from an employee benefit plan. Prosecutors are seeking a 150-year sentence for the 70-year-old financier. The exact sentence will not be known for a few months.

Madoff perpetrated a pyramid scheme where early investors were paid off with the money of new clients. He pled guilty before New York Judge Denny Chin on the morning of Thursday, March 12.

He would not plea, would not cooperate

What prosecutors had hoped for is a plea bargain where Madoff would agree to reveal others who were involved in this unprecedented operation. Madoff refused, which may exempt his wife Ruth Madoff, Bernard L Madoff Investment Securities employees and others from severe penalty.

Since his December arrest, Madoff had been confined to his luxury Manhattan apartment. Now, he’s enjoying the amenities of jail.

“The greatest con artists in history”

Madoff, a former NASDAQ chairman, has been a big name on Wall Street for 40 years. He knows the ins and outs, all of the angles. ” Defrauded investor and former Fort Lee, New Jersey mayor Burt Ross referred to him as “the greatest con artist in the history of the world.” ... click here to read the rest of the article titled "Madoff Pleads Guilty to $50 Billion Ponzi Scheme"

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